- Business

U.S. Energy Department urges Saudi, Russia to calm oil markets

The U.S. Energy Department on Wednesday urged Saudi Arabia and Russia to calm oil markets after the kingdom’s crude supply rose to a record of more than 12 million barrels per day even as oil demand falters on the coronavirus pandemic.

“Boosting production during this time of an unprecedented loss in global demand is frustrating, and does not represent the kind of deliberative planning we would like to see from partners, and does not advance our shared interest in stable markets,” said spokeswoman Shaylyn Hynes. She said Energy Secretary Dan Brouillette is talking with his counterparts in major oil-producing nations to try to stabilize the markets.

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